As of this weekend, significant changes to U.S. real estate practices will impact how homebuyers work with agents. Traditionally, sellers covered the commission for buyer's agents, but new regulations mean that this will no longer be a given. Homebuyers may have to negotiate with sellers to cover these costs, or they will be responsible for paying their agent directly. This shift stems from a $418 million settlement related to inflated commission practices, led by the National Association of Realtors (NAR). Under the new rules, buyers must sign representation agreements before an agent can assist them, and listings on Multiple Listing Services (MLS) will no longer include seller offers to pay buyer agents. This could lead to higher costs for buyers, especially first-time homebuyers facing already high prices and mortgage rates. The changes are expected to reshape negotiations and the overall buying process, potentially limiting access for those unable to afford additional fees.
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